`timer-max-repeats' is the "maximum number of times to repeat a timer,
    if real time jumps".  Hence, there is an upper bound on the number of
    times such timer run.

The doc string says this applies when real time "jumps", such as when
Emacs was suspended.  Looking at the code, I think that
`timer-max-repeats' applies equally when Emacs failed to run the timer
because it was busy.  Could someone verify that is true?


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